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Europe upstream in brief

11 June 2019

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11 June 2019

Europe upstream in brief

Report summary

Welcome to the Europe upstream in brief where we bring you quick, responsive opinion and analysis on all that's going on in European oil and gas. The report provides rolling coverage of events, with stories posted to this page within 24 hours of any announcement, where possible. Our Wellwatcher and Dealhunter columns are published fortnightly and offer insight and opinion on a range of Exploration and M&A topics.

Our latest insights, informs, podcasts and webinars:
- Ukraine’s offshore Dolphin PSC tender fails to make a splash
- Total turns on the taps at Culzean in the UK
- PGNiG acquires a stake in the King Lear field from Total offshore Norway
- OGA dishes out UK 31st Licensing Round Awards
- PSC amendment opens the door for Aphrodite in Cyprus
- 2019 M&A comes alive in the UK with two big deals in Q2 so far
- First oil for Hurricane at Lancaster
- Equinor announces three year delay to Rosebank FID
- Chevron sells UK North Sea business to Delek for US$2 billion
- CNOOC and ExxonMobil spud wildcat at Ireland's giant Iolar prospect
- Shell gets positive results at key Shpiragu appraisal well in Albania
- Norway's run of dry holes pulls tax incentives into the spotlight
- Edison confirms Italy's offshore Argo Cluster is on schedule
- Fairfield Decom: the UK’s new decommissioning JV
- Siccar Point completes Blackrock well - what next for the UK West of Shetlands?
- UK M&A: Majors selling and PE buying continues – but what next?
- Wintershall Dea merger completes
- OMV Petrom's Q1 2019 results highlight strategic challenges in Romania
- Israel's Delek Group in pole position for Chevron's CNS package
- PE buys from PE: Partners Group acquires HitecVision’s CapeOmega for US$1.35 billion
- Exploration success – for the few, not the many
- Chrysaor acquires ConocoPhillips UK assets for US$2.7 billion
- Hurricane Energy spuds Warwick exploration well in UK fractured basement
- Mariner start-up pushed back again
- Ukraine flips licensing focus with offer of the large offshore Dolphin block
- Greek offshore bonanza — new production and new licences
- Knock, knock— who's at ConocoPhillips' door now?
- Mime Petroleum breaks its silence with Balder and Ringhorne acquisition in Norway
- Lundin takes FID on Solveig (formerly Luno II) in the prolific Utsira High
- Seagull - the first to fly the UK FID nest in 2019
- Where next for Major-led exploration in Europe?
- Greenland prepares for new exploration campaign
- Who will win Edison's upstream asset sale?
- Siccar Point Energy spuds first of two exciting West of Shetland wells
- Norway exploration sparks with latest Aker BP discovery
- All eyes on the UK as Norway M&A activity slows down
- Could a new volcanic theory renew exploration in the Central North Sea?
- Ukraine licensing round fails to attract international bid
- RockRose Energy makes IOG acquisition proposal
- Shell and ExxonMobil's Dutch gas giant Groningen — shut in as early as 2024?
- Equinor makes near-field discovery close to its Visund hub
- Tulip Oil's Q/10-A onstream in the Dutch North Sea
- ExxonMobil makes 2019's largest discovery in Cyprus
- RockRose to quadruple its production - but what about decommissioning?
- Neptune Energy takes FID on Duva and Gjøa P1 in the Norwegian North Sea
- Will private equity-backed companies fill the UK exploration gap in the coming years?
- Perenco reviewing its options - what does its portfolio look like?
- Italy hits pause on exploration and appraisal
- UK's first fracking site reports stable flows of 0.1 mmcfd
- US$4 billion of UK assets about to change hands?
- Shell farms in to UK Southern Gas Basin licences, near its operated hubs
- Carlyle-backed Black Sea Oil & Gas takes key Romania FID
- OGA opens Greater Buchan Area for business
- Lundin Petroleum Capital Markets Day — the future is bright
- Repsol acquires Mikkel stake from Total in the Norwegian Sea
- Dutch exploration – in need of a shot in the arm
- CNOOC's Glengorm largest UK discovery since Culzean in 2008
- Is North Sea exploration back in the black?
- Ukraine launches its latest licensing round
- Lundin Petroleum increases foothold in Norwegian Utsira High
- Korean National Oil Corporation's stake in Dana Petroleum in the spotlight
- Progress at pre-FID fields across the UKCS
- OMV increases its resource estimate at Wisting in the Barents Sea
- Norway's Award in Pre-defined Areas (APA) - drilling into the detail
- Fiscal disruption: Romania introduces turnover levy
- DNO acquires Faroe Petroleum, but what's next?
- Trans Adriatic Pipeline (TAP) completes EUR 3.9 billion project financing
- The death knell for Italian exploration?
- Norway's festive exploration campaign fails to deliver the goods
- Dyas and Oranje-Nassau Energie (ONE) agree to merge their upstream businesses
Recent insights, podcasts and webinars:
- Equinor brings its deepwater Aasta Hansteen project onstream
- Equinor and Faroe Petroleum agree Norwegian asset swap deal
- New licensing round launched in Ukraine
- More Beryl success for Apache as Garten comes onstream
- The buzz is back in UK exploration, but could it spill over to the Faroes?
- Baltic Pipe reaches FID - Norway has a new gas market
- Shell bids adieu to Ireland
- Nexen's Buzzard is grounded
- BP's Clair Ridge: the UK's biggest start-up in over a decade
- Does another sub-commercial gas discovery in the Barents make the case for infrastructure?
- INEOS set to buy ConocoPhillips' UK portfolio?
- Mandal High impact exploration for MOL in Norway
- Romania finally implements Offshore Law
- ExxonMobil kicks off deepwater exploration programme in Cyprus
- Mixed bag of results for UK exploration
- UK 31st Offshore Licensing Round: encouraging, but still work to do
- Total spuds third deepwater well in the Bulgarian Black Sea
- Now open – Croatia's second onshore licensing round
- I want to appraise you!
- Bruce, Keith & Rhum: the Serica story so far
- Repsol exits Romania
- Deepwater exploration in the Mediterranean for Turkish NOC
- Service company farms into Italian block
- Columbus FID pushes UK sanctioned reserves over 400 mmboe
- Successful appraisal for Wellesley Petroleum at Norway's Grosbeak
- Eni and Galp abandon Portuguese drilling plans
- No tax hike for upstream industry in UK budget
- Profits soar for Equinor in Q3 2018
- What's next for Romania?
- Shell's high-grading continues - where next?
- Over 1.3 billion barrels of potential resource currently drilling in Norway
- Shell sells Danish upstream business to Noreco
- BP and Zennor Petroleum get the green light for UK North Sea projects
- PGNiG strikes strategic deal with Equinor in the Greater Ekofisk Area
- Curtain up on King Lear as Aker BP takes the lead from Equinor
- UK onshore fracking goes live again
- One small step for Equinor — one giant leap for unmanned
- Further delay announced at Equinor's Martin Linge development in Norway
- Arran gives Shell its fourth UK FID this year
- Albania opens bids for onshore exploration block
- Breaking the curve – Total's Glendronach proves the high impact model
- Equinor successfully appraises Cape Vulture discovery
- OMV Gazprom swap deal fails to lift-off
- More frustration for Eni's Portuguese deepwater exploration well
- Major negotiations underway in Cyprus

Tables and charts

This report includes 64 images and tables including:

Location of the Dolphin block and surrounding discoveries
Uptake by Majors
UK 31st Licensing Round Awards

Top five UK producers in 2019
Albania liquids production
Top 10 countries by prospective resource
Edison's Italy working interest production
UK decommissioning capex by sector
UK West of Shetlands prospective/discovered resources
Ithaca's position within the 2019 UK top producers if the bid is successful
North Sea Q1 2019 exploration well results
North Sea discovered resource v resource per well
Location of the Dolphin block and surrounding discoveries
Location of GGO's Greenlandic licences
Edison working interest production by country
Norway and UK deal value traded (US$ billion)
Location of the Rattray Volcanic Province in the Central North Sea, with fields producing from reservoirs older than the volcanics highlighted
Blocks awarded in Ukraine's 1st International Oil and Gas Licensing Round
Location of RockRose and Marathon's assets in the UK North Sea
Midia Gas Development overview
Greater Buchan area in the Outer Moray Firth
Dutch success rates and average discovery sizes
Dutch exploration wells onshore and offshore since 2014
Location of Glengorm discovery in the UK Central North Sea and inferred tie-back
Successful awards and commitment wells in APA 2018
Value impact of turnover contribution levy
2019 Norwegian E&A wells in which DNO participates
Dyas and ONE combined production profile
Aasta Hansteen Area
Faroe Petroleum's change in production post-deal
1st International Oil and Gas Licensing Round – eight blocks offered in Dnipro-Donets basin (remaining two blocks located in western Ukraine)
Location of the Blackrock exploration well
Proposed route for Baltic Pipe
Buzzard production
Contingent gas resources in the Barents (7 tcf)
INEOS upstream activity
Fiscal benchmarking of Romanian Offshore Law
Deepwater exploration in the Bulgarian Black Sea
Blocks offered in 2nd Onshore Bidding Round
Resource additions in Norway through 2018 appraisal activity
Alanya-1 well location
Europe's place in Shell's global portfolio (2013 v 2018)
Global project delays by era
Global capex blowouts by project era
Rona Ridge exploration creaming curve - pre-Glendronach discovery)
Rona Ridge exploration creaming curve - post-Glendronach discovery
Cyprus exploration acreage by company interest